Citadel CEO Ken Griffin responded Tuesday to a viral video by New York City Mayor Zohran Mamdani promoting a new tax on wealthy homeowners [1].
The clash highlights a growing tension between the city's progressive tax goals and the investment interests of the billionaire class. Griffin said the mayor's approach could drive significant capital out of the city and toward Florida.
Mayor Mamdani filmed the video outside Griffin's Manhattan penthouse to announce a proposed "pied-à-terre" tax targeting second homes owned by the wealthy [1, 2]. The video has since garnered more than 50 million views [1]. In a statement, the mayor's office said the current tax system is fundamentally broken and rewards extreme wealth while working people are pushed to the brink [2].
Griffin addressed the incident during the Milken Institute Global Conference, describing the video as "creepy and weird" [4]. He said the mayor put him in harm's way by filming at his private residence [3].
The dispute centers on the financial stakes of New York real estate. Griffin's penthouse is valued between $238 million [5] and $239 million [3]. Beyond his personal property, Griffin said the mayor's actions threatened a $6 billion NYC development project [5, 6].
Because of these policy shifts and the nature of the mayor's campaign, Griffin said he would shift investment focus toward Miami [1, 2]. This move follows a broader trend of financial firms relocating operations to Florida to seek more favorable tax environments.
Griffin said the targeting of his home was a personal attack rather than a policy discussion [4]. He said the city's current political climate makes it difficult to maintain large-scale, long-term investments in Manhattan [5].
“"It's creepy and weird."”
The conflict between Mayor Mamdani and Ken Griffin illustrates the precarious balance New York City must maintain to fund social services without alienating the high-net-worth individuals who drive its real estate and financial markets. By linking a specific tax proposal to a $6 billion development risk, Griffin is signaling that aggressive 'tax the rich' optics may have tangible economic consequences in the form of capital flight to cities like Miami.
